Nanjing City, capital of east China's Jiangsu Province, has rolled out various favorable policies to stabilize and improve its real estate market this year.
On Sept. 14, China's National Bureau of Statistics released a report on residential sales prices in 70 cities in August this year, and new home prices in Nanjing rose by 0.3 percent month on month, second only to Shanghai.
At the three-day Nanjing autumn housing fair, which opened last Friday, 187 newly built housing projects comprising nearly 20,000 housing units were exhibited, attracting nearly 50,000 visitors. A total of 1,933 commercial housing units were signed, worth 9.76 billion yuan (about 1.38 billion U.S. dollars).
Nanjing launched two "old for new" promotional events in April and June this year. In the past six months, the policy has played a significant role in promoting the smooth replacement chain and increasing the activity of the real estate market.
According to exhibitors at the housing fair, the enthusiasm of home buyers and the volume of transactions are far beyond expectation.
"We received thousands of customers and sold 110 housing units. The overall effect was beyond our expectation," said Zhang Yiji, sales manager of a housing project at the exhibition.
"About 70 to 80 percent of our transactions are trade-ins, and customers are very positive about this activity," said Chen Haoyu, another sales manager of a housing project at the exhibition.
During the exhibition, Nanjing provided an additional subsidy of 1 percent of the contract value of the house purchase on top of the existing housing subsidy policy in each district, and home buyers applied for subsidies of nearly 100 million yuan during the exhibition.
"I had plans to buy a house before, but this time with the subsidy, I just happened to be ready to book the house at this time," said a homebuyer.
Multiple favorable policies boost housing sales in Jiangsu capital
